Reid exit sends shares higher

SHARES in Leeds United, the publicly quoted football club that is at the bottom of the English Premiership three years after reaching the Champions League semi-finals, were up almost 10% yesterday following the board’s decision to replace manager Peter Reid.

The share price recovered to the 3p level after falling on Monday in the hours before the announcement of Mr Reid’s departure.

Paul Hart, manager of First Division side Nottingham Forest, became odds-on favourite in the race to succeed Mr Reid, as punters backed him from 2/1 to 4/7 with bookmaker Paddy Power. Former Leeds player Eddie Gray, who was installed as caretaker manager on Monday, was quoted at 9/2 second favourite for the job.